Malawi presidential election: What Lazarus Chakwera’s victory means for business, economy

Malawi has recently witnessed a significant political shift as Lazarus Chakwera emerged victorious in the presidential election, defeating the incumbent Peter Mutharika. With promises of reform and progress, Chakwera’s win has sparked hope not only in the political arena but also among the business community in Malawi. Businesses in the country are eagerly anticipating the new government's actions and policies to address the numerous challenges they face. Mercus Chigoga, a Business Consultant and Patron of the Malawi Chapter of the Chartered Institute of Marketing, shared insights on the expectations and aspirations of the business sector in the wake of Chakwera's presidency. One of the key issues that businesses in Malawi encounter is high levels of corruption. Chigoga highlighted this as a major concern that needs to be tackled by the new government. Additionally, the country faces serious infrastructural challenges, particularly in the supply of electricity and water, which significantly impact the business environment. Malawi struggles with one of the poorest electricity supplies in Africa, creating obstacles for businesses to operate efficiently. The high tax rates and borrowing costs further exacerbate the challenges faced by businesses in the country. Chigoga emphasized the importance of supporting small and medium-sized enterprises (SMEs) to stimulate economic growth in Malawi. Limited access to capital and insufficient support from banks hinder the growth of SMEs, and Chigoga expressed hope that the new government would prioritize addressing these issues to bolster the economy. One of the notable aspects of Chakwera's victory is his background as a former preacher and outsider to traditional politics. Chigoga highlighted the significance of having a leader who is not entrenched in career politics, emphasizing the values of integrity and honesty that Chakwera brings to the presidency. As a Christian himself, Chigoga expressed confidence in Chakwera's moral compass and the positive impact it is likely to have on the political landscape. Chakwera's fresh perspective and commitment to his promises were cited as reasons for optimism in the business community. Chigoga believes that Chakwera's sincerity and dedication to delivering on his commitments will bring a renewed sense of hope and progress to Malawi. The anticipation surrounding Chakwera's presidency is high, with many hopeful that his leadership will usher in a new era of transparency, accountability, and economic growth in the country. As Malawi embarks on this new chapter with Chakwera at the helm, the business community remains cautiously optimistic about the potential changes and reforms that lie ahead.